Gordon Endorses Bush Policies Warns Obama Against Protectionism

Back in February George Bush pushed through a tax cut based growth package with bi-partisan support. Reported on this blog thus:

Guido looks at the economy and sees real trouble ahead, it needs decisive action, not hand-wringing words from politicians about tax simplification. The property market is seized up and consumer confidence is draining away. A massive pro-growth tax package is required now, the earlier the better.

George Bush is pushing a bi-partisan growth package targeting $150 billion in tax relief at individuals and businesses to kick-start private sector spending. That is a stimulus equal to 1% of U.S. GDP.

Speaking at an interfaith conference at the UN General Assembly in New York this morning, Gordon Brown has just called for global tax cuts, “a temporary and affordable fiscal stimulus” was needed to tackle the downturn he said. Gordon told journalists that he intends to ask leaders at the G20 summit to produce fiscal stimulus packages of tax cuts and spending increases to “stimulate growth in our economies”.

Perhaps Gordon didn’t notice that George Bush actually got his temporary stimulus in at the beginning of the year, whilst our far-sighted financial genius has yet to even announce his growth package, which is probably why US GDP growth last quarter was not quite as bad as UK GDP growth (-0.5). How is he going to blame that on America?

Gordon also warned against protectionism, a strategy that has proved to be “the road to economic ruin in the past”. Obama ran on a protectionist ticket.

The Tories are calling it a “tax con”, because debt may rise and taxes may have to go up later, of course if we don’t cut taxes and growth is even worse, tax revenues may well still fall and government debt will rise anyway. Under the Tory plan however the economy will have been additionally weakened by the heavier tax burden. This used to be orthodox Conservative economic analysis, it seems the last supporters of Brownite fiscal rules are in the Tory treasury team…



Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Charles Clarke says Cameron is the most successful PM for over a century…

“Under Margaret Thatcher the Conservatives gained 99 seats. They lost 211 under John Major, gained one under William Hague, quickly and wisely got rid of Ian Duncan-Smith, gained 32 under Michael Howard and have so far gained 133 under David Cameron who, to the great surprise of many (including senior Conservatives), has turned out to be the most electorally successful Tory leader since 1900.”

Top Posts This Week

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.

Facebook

ENVIRONMENT MAYOR TOTTY WATCH: BRAZIL EDITION ENVIRONMENT MAYOR TOTTY WATCH: BRAZIL EDITION
HAIN GRAVY TRAIN HYPOCRISY HAIN GRAVY TRAIN HYPOCRISY
MONBIOT SKINS & COOKS SQUIRREL ON NEWSNIGHT MONBIOT SKINS & COOKS SQUIRREL ON NEWSNIGHT
DAVE’S CARBON BAGGAGE DAVE’S CARBON BAGGAGE
Daylight Robbery: Met Chain Themselves to £216 Billion 10 Year IT Contract Daylight Robbery: Met Chain Themselves to £216 Billion 10 Year IT Contract
Trumps Hair: Toupee or Not Toupee? Trumps Hair: Toupee or Not Toupee?

BURNHAM BLOWS DOG WHISTLE LINE BURNHAM BLOWS DOG WHISTLE LINE
DCMS FUN POLICE CALLED OFF THE CASE DCMS FUN POLICE CALLED OFF THE CASE
NEW PEERAGES LIST IN FULL NEW PEERAGES LIST IN FULL
WELSH FIRST MINISTER CONDEMNS STEEL WORKERS WELSH FIRST MINISTER CONDEMNS STEEL WORKERS
MOAT CLEANING EXPENSES SCANDAL MP AWARDED PEERAGE MOAT CLEANING EXPENSES SCANDAL MP AWARDED PEERAGE
CHICKEN TORIES CHICKEN TORIES
1 IN 5 CORBYN SUPPORTERS VOTED FOR CLEGG 1 IN 5 CORBYN SUPPORTERS VOTED FOR CLEGG
CORBYN ESCAPES #LABOURPURGE CORBYN ESCAPES #LABOURPURGE
VOICE OF AN OIL DRILL VOICE OF AN OIL DRILL
Wind Turbines: Subsidised Sun Beds Wind Turbines: Subsidised Sun Beds
FLASHBACK: EVERY DAY SEXUAL SEGREGATION FLASHBACK: EVERY DAY SEXUAL SEGREGATION
Control the Camera on this 360° Crossrail Video Control the Camera on this 360° Crossrail Video
Flashback: Labour Leader Vote Hijack, Could Rivals Do a Balotelli? Flashback: Labour Leader Vote Hijack, Could Rivals Do a Balotelli?
Andy Burnham Everyday Sexism Andy Burnham Everyday Sexism
Burnham Threatens to Quit Corbyn’s Shadow Cabinet Burnham Threatens to Quit Corbyn’s Shadow Cabinet
GORDON DOOMS YVETTE (?) GORDON DOOMS YVETTE (?)
MPs’ Deleted Tweets Twitter Don’t Want You to See MPs’ Deleted Tweets Twitter Don’t Want You to See
Corbyn: ‘I Don’t Support Putin, But…’ Corbyn: ‘I Don’t Support Putin, But…’
Foreign cash funding In campaign should be illegal Foreign cash funding In campaign should be illegal
Corbyn v Train Jihadi Corbyn v Train Jihadi
JEREMY CORBYN EQUATES ISIS TO US MILITARY JEREMY CORBYN EQUATES ISIS TO US MILITARY
MILIBAND’S TRIBUTE BEARD MILIBAND’S TRIBUTE BEARD
CORBYN AT PMQS CORBYN AT PMQS
JEREMY CORBYN’S SENSIBLE JUMPER ADVICE JEREMY CORBYN’S SENSIBLE JUMPER ADVICE